Index Factsheet

MSCI China A Inclusion Index (USD)The MSCI China A Inclusion Index is designed to track the progressive partial inclusion of A shares in the MSCI Emerging Markets Index
over time. The index is designed for global investors accessing the A shares market using the Stock Connect framework and is calculatedusing China A Stock Connect listings based on the offshore RMB exchange rate (CNH).
For a complete description of the index methodology, please see Index methodology - MSCI.

CUMULATIVE INDEX PERFORMANCE — NET RETURNS (USD)(AUG 2017 – SEP 2024)

ANNUAL PERFORMANCE (%)

MSCI China A Inclusion
MSCI China
200

MSCI ACWI

201.62Year

MSCI China
A Inclusion

MSCI China

MSCI ACWI

2023
20222021
2020
2019
2018

-13.47-25.90
3.20
43.20
36.17
-28.26-11.20-21.93-21.7229.49
23.46-18.8822.20-18.36
18.54
16.25
26.60
-9.41

117.65
100

98.99

50
Aug 17

Apr 18

Nov 18Jun 19Jan 20Aug 20Mar 21

Oct 21

May 22

Dec 22

Jul 23

Feb 24

Sep 24INDEX PERFORMANCE — NET RETURNS (%) (SEP 30, 2024)

FUNDAMENTALS (SEP 30, 2024)
ANNUALIZED1 Mo

3 Mo

1 Yr

YTD

3 Yr

5 Yr

10 Yr AugSince
31, 2017

MSCI China A Inclusion

22.37

21.45

14.86

19.77

-7.48

4.64

na

MSCI China

23.90

23.49

23.89

29.34

-5.56

0.84

MSCI ACWI

2.32

6.61

31.76

18.66

8.09

12.19

Div Yld (%)

P/EP/E Fwd

P/BV

2.32

2.31

16.60

13.58

1.73

na-0.14

2.30

13.62

10.84

1.49

na

10.40

1.85

21.76

17.94

3.18

INDEX RISK AND RETURN CHARACTERISTICS (SEP 30, 2024)
ANNUALIZED STD DEV (%) 2SHARPE RATIO 2 , 310 Yr(%)

Period YYYY-MM-DD

0.21

na0.1147.54

2021-02-15—2024-02-02-0.13

0.08

na0.0462.54

2021-02-17—2022-10-31

0.35

0.62

na0.5633.74

2020-02-12—2020-03-23

3 Yr

5 Yr

10 Yr

3 Yr

5 Yr

MSCI China A Inclusion

9.95

24.56

22.90

na-0.34MSCI China

4.90

32.73

28.09

na

16.57

17.37

na

2.48

MSCI ACWI
1

Last 12 months

2

Based on monthly net returns data

MAXIMUM DRAWDOWN

Since
Aug 31,
2017

Turnover(%) 13

Based on NY FED Overnight SOFR from Sep 1 2021 & on ICE LIBOR 1M prior that date

The MSCI China A Inclusion Index was launched on Oct 23, 2017. Data prior to the launch date is back-tested test (i.e. calculations of how the index might have performed overthat time period had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance -- whether actual orback-tested -- is no indication or guarantee of future performance.

MSCI China A Inclusion Index (USD) | msci.com

SEP 30, 2024

Index Factsheet

INDEX CHARACTERISTICS

TOP 10 CONSTITUENTSMSCI China A Inclusion

Number ofConstituents

432
KWEICHOW MOUTAI A (HK-C)
CONTEMPORARY AMP A(HK-C)
CHINA MERCH BK A (HK-C)
CHINA YANGTZE A (HK-C)
WULIANGYE YIBIN A (HK-C)PING AN INS A (HK-C)BYD CO A (HK-C)
AGRI BANK OF CN A (HK-C)
INDUSTRIAL BANK A (HK-C)ICBC A (HK-C)
Total

Mkt Cap ( USD Millions)

Index
LargestSmallest
Average
Median1,720,452.46
94,125.31
720.07
3,982.53
2,248.93

Float Adj Mkt
Cap( USD Billions)

94.13
47.50
33.26
31.52
27.04
26.34
23.86
17.52
17.1616.67
334.97Index
Wt. (%)

Sector

5.47
2.76
1.93
1.83
1.57
1.53
1.39
1.02
1.00
0.97
19.47

Cons Staples
Industrials
Financials
Utilities
Cons Staples
Financials
Cons Discr
Financials
Financials
Financials

FACTORS - KEY EXPOSURES THAT DRIVE RISK AND RETURNMSCI FACTOR BOX
UNDERWEIGHTMSCI FaCS
NEUTRAL

VALUE
Relatively Inexpensive Stocks

OVERWEIGHTLOW SIZE
Smaller Companies
MOMENTUM
Rising Stocks
QUALITY
Sound Balance Sheet Stocks
YIELD
Cash Flow Paid Out
LOW VOLATILITY
Lower Risk Stocks<-1.50MSCI FaCS provides absolute factor exposuresrelative to abroad global index - MSCI ACWI IMI.

+1.5<MSCI China A Inclusion

MSCI China

Neutral factor exposure (FaCS = 0) represents
MSCI ACWI IMI.

SECTOR WEIGHTS
6.95%

10.24%

6.88%
12.82%

4.86%
3.8%
1.3%

14.63%

1.2%
21.56%

15.74%

Financials 21.56%

Industrials 15.74%

Consumer Staples 12.82%

Information Technology 14.63%

Materials 10.24%

Consumer Discretionary 6.88%

Utilities 4.86%

Communication Services 1.3%

Real Estate 1.2%

Health Care 6.95%
Energy 3.8%

MSCI China A Inclusion Index (USD) | msci.com

SEP 30, 2024

Index Factsheet

MSCI FACTOR BOX AND FaCS FRAMEWORK (Please refer to complete description of the MSCI FaCS methodology here)
MSCI FaCS is a standard method for evaluating and reporting the Factor characteristics of equity portfolios. MSCI FaCS consistsof Factor Groups (e.g. Value, Size, Momentum, Quality, Yield, and Volatility) that have been extensively documented in academic
literature and validated by MSCI Research as key drivers of risk and return in equity portfolios. These Factor Groups are constructedby aggregating 16 factors (e.g. Book-to-Price, Earnings/Dividend Yields, LT Reversal, Leverage, Earnings Variability/Quality, Beta)from the latest Barra global equity factor risk model, GEMLT, designed to make fund comparisons transparent and intuitive for use.
The MSCI Factor Box, which is powered by MSCI FaCS, provides a visualization designed to easily compare absolute exposuresof funds/indexes and their benchmarks along 6 Factor Groups that have historically demonstrated excess market returns overthe long run.

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